How Was the August Real Estate Market in 20878?

The North Potomac and Darnestown real estate market in zip code 20878 saw strong activity for August 2011.  (Note, Gaithersburg homes in 20878 are also included in this report).  Fifty homes sold, 63 went under contract and the median price increased over this same time last year by almost 15%.

What Has Sold?

In August, 26 single family homes, 13 townhomes and 11 condos were sold.  Of these, there was 1 short sale and 2 foreclosures, making distressed properties 6% of total sales in 20878.  The neighborhoods with the most homes sold were Ancient Oak, Kentlands and Lakelands.

Do you want to stay up to date on what homes are selling for in your neighborhood?  Then sign up for our Market Snapshot Report.

What Is Happening with Home Prices?

The average sales price has seen some fluctuation in each of the home categories (single family, townhome, condo) over the summer months, but generally has been steady (see chart).  A change in the average sales price for one month is not necessarily an indication of a trend, it could just indicate that more homes were sold in a more or less expensive neighborhood of 20878. 

The most expensive home that sold in 20878 in August was a single family home in Potomac Chase for just under $1 million.

You can see more details about home sales in our report on Gaithersburg Property Values and North Potomac Property Values.

Are Homes Getting their Asking Price?

Are sellers in 20878 getting their asking price?  The chart shows the percentage of asking price sellers are getting (this takes into account any previous price reductions).  In August, it was 96% which is a little better than at this time last year.

How Long Is it Taking to Sell a Home?

The average number of days it took a home to sell in August was 67, compared to last year’s 53 days on market.  You can see more market statistics in our Gaithersburg Real Estate Market Trends Report and North Potomac Real Estate Market Trends Report.

Who is Buying?

Cash buyers in 20878 (usually investors) in August represented 6% of sales.  Overall in Montgomery County, cash buyers made up 17.9% of home sales, so Gaithersburg 20878 is attracting investors at a lesser rate than the rest of Montgomery County.

Call Bob Myers of Re/Max Realty Services at 301-910-9910 if you have any questions about the value of your home or the real estate market.